Meticulous Research® Unveils Comprehensive Analysis on IoT in Healthcare Market: Poised to Reach $121.45 Billion by 2031

August 2024 - Meticulous Research®, a renowned leader in market research, has released an in-depth report titled "IoT in Healthcare Market Size, Share, Forecast, & Trends Analysis by Offering, Application, End User - Global Forecast to 2031." This latest publication provides a thorough examination of the rapidly evolving Internet of Things (IoT) in healthcare sector, projecting significant growth in the coming years.

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According to the report, the global IoT in healthcare market, valued at $45.34 billion in 2023, is anticipated to reach an impressive $121.45 billion by 2031, growing at a compound annual growth rate (CAGR) of 13.3% from 2024 to 2031. This robust expansion is driven by the increasing integration of digital healthcare solutions, the growing emphasis on patient-centered care, and the supportive landscape of digital health initiatives.

Market Drivers and Opportunities

The IoT in healthcare market is transforming the industry by enhancing remote patient monitoring, improving treatment efficacy, and boosting diagnostic accuracy. The surge in telemedicine, the push towards digital healthcare, and the rising adoption of IoT-enabled devices are key factors fueling market growth. However, the report identifies challenges such as the high costs of IoT infrastructure and the slow adoption of these technologies in developing regions.

Opportunities for growth are abundant, particularly in the realms of telehealth and the use of IoT for early and precise disease diagnosis. However, concerns regarding data security and the potential for breaches present significant hurdles that the market must address.

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Key Market Segments

By Offering: The market is segmented into IoT medical devices and services, with the IoT medical devices segment expected to exhibit the highest growth rate of 13.8% during the forecast period. These devices empower patients by providing real-time, personalized data, thereby enhancing the quality of care.

By Application: The market is categorized into remote patient treatment, inpatient treatment, telehealth, and others. Remote patient monitoring is forecasted to grow at the highest CAGR of 14.6%, driven by an aging population, the increasing prevalence of chronic diseases, and the rising demand for home-based care solutions.

By Connectivity: Bluetooth technology is expected to dominate the market, supported by advancements in Bluetooth-enabled medical devices. Notable developments include Medtronic plc's CE-approved Simplera continuous glucose monitor and Smart Meter LLC's iGlucose Blood Glucose Monitoring System.

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By End User: The home care segment is set to record the highest CAGR through 2031, bolstered by the growing demand for home-based care, advancements in remote monitoring, and the need for rapid emergency response capabilities.

By Geography: North America is projected to maintain the largest market share in 2023, driven by the region's technological advancements, widespread adoption of e-health services, and a strong presence of leading market players.

Major Players in the Market

The report highlights several key players that are shaping the IoT in healthcare landscape, including Medtronic plc, GE HealthCare Technologies Inc., Koninklijke Philips N.V., Siemens Healthineers AG, Abbott Laboratories, and Boston Scientific Corporation, among others. These companies are at the forefront of innovation, continuously launching advanced IoT-enabled medical devices and expanding their market presence.

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Comprehensive Insights

The report provides answers to critical questions such as:

What are the key growth segments in terms of offering, application, and geography?
What are the market forecasts for the IoT in healthcare sector through 2031?
Who are the major competitors, and what strategies are they employing?
For a detailed analysis and insights, download a sample of the report here: Download Sample Report.

About Meticulous Research®

Meticulous Research® is a trusted name in market research, providing actionable insights and data-driven strategies to help organizations make informed business decisions. Our reports are designed to offer a comprehensive view of emerging markets, enabling clients to capitalize on growth opportunities and navigate industry challenges effectively.

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This release was published on openPR.